HUDSON COUNTY -- West New York Mayor Felix Roque told a reporter on Tuesday that the proposed Formula One Grand Prix race for the streets of West New York and Weehawken has not been canceled.

He said that construction is still ongoing to get the race area ready for 2014.

Last Friday, the race CEO, Bernie Ecclestone, said the event's organizers haven't raised enough money to run it.

According to a report on CNN, "The final 2014 calendar will be approved by motorsport's governing body, the FIA, in December but new races need to have financing in place by now to ensure their plans are on track. It was recently revealed that the Grand Prix of America organizers appointed investment bank UBS in June to raise $100 million which is required for the race to go ahead. But Ecclestone told CNN that they have run out of time."